The state’s oil industry continues to see major changes in ownership as Houston-based Susser Petroleum Partners MLP said Thursday it will buy Aloha Petroleum Ltd. for $240 million.

Aloha is the state’s largest independent gasoline marketer with nearly 100 Aloha, Shell and Mahalo stations and one of the largest convenience store operators with 44 Aloha Island Mart stores.

Susser said it will retain all of Aloha’s 500 employees and operate Aloha as a separate entity with the current management and brand names.

"Aloha Petroleum has an impressive legacy of growth, profitability and operational excellence," said Bob Owens, Susser CEO, in a statement.

The change in ownership will be better for customers, said Richard Parry, Aloha’s CEOand president.

"The depth of industry expertise and financial strength that Susser brings to the company will allow Aloha to better serve our retail, wholesale and fuel terminal customers," Parry said.

The two companies said they expect the deal to close by the end of the year.

The Aloha acquisition reflects a shift in ownership in the oil industry statewide.

Chevron Corp., owner of the state’s second-largest refinery, announced earlier this month it was looking to sell it.

The refinery processed 39,000 barrels a day in 2013, down from 46,000 in 2012, according to a company filing. Chevron hired Deutsche Bank to identify potential buyers for the Kapolei facility.

There are 32 Chevron gas stations on Oahu, according to the Chevron website.

Par Petroleum, owner of the Tesoro gas stations, announced in June that it was buying the more than 80 76-branded gas stations owned by Mid Pac Petroleum LLC.

Houston-based Par Petroleum Corp. bought Tesoro’s 94,000-barrel per day Hawaii refinery and 31 Tesoro-branded retail stations last year.

Chevron and Par Petroleum operate the only two refineries in the state.

Aloha contacted Macquarie Capital earlier this year to see what strategic alternatives would be best for the brand, the company said.

"It was earlier this year that Aloha engaged what their different strategic alternatives would be, a joint partnership or sale of a portion or all of the company’s stock," said Caroline Witherspoon, a spokeswoman for Aloha. "The opportunity to combine with Susser was the most attractive to them."

Aloha purchased the Shell retail sites and distribution terminals in 2010. The company purchased the Mahalo retail gasoline stations in 2005.

Aloha’s history in Hawaii dates from the early 1900s.

Susser is owned by Energy Transfer Partners LP and distributes approximately 1.7 billion gallons of motor fuel annually in Texas, New Mexico, Oklahoma, Kansas and Louisiana.